Annexure 3 - Revenue Sharing
Net earnings from the commercialisation of IP owned by IITB would be shared as follows:
- The inventor (s) / creator(s) share would be declared annually (or as revenues are received) and disbursement will be made to the inventor (s) / creator(s), their legal heir, whether or not the inventor (s) / creators are associated with IITB at the time of disbursement.
- The revenue sharing ratio between the inventor team and IITB will be a fixed 70:30 in favour of the inventor team. IP protection costs will be part of the license revenue sharing agreement between IITB and inventor(s).
- Where applicable and when IITB reassigns the rights of the IP to its creator(s) for any country, the cost and revenue sharing will be governed by a separate agreement between IITB and the inventor / creator(s).
- The inventors may at any time by mutual consent revise the distribution of IP earnings agreement.